If I am may add here Paul....
Since you re using Stochs... look for hidden divergence ... means LH on price but HH on stochs ...that wll be your confirmation that the downtrend is re commencing..after the pull back to the KS...
Since you re using Stochs... look for hidden divergence ... means LH on price but HH on stochs ...that wll be your confirmation that the downtrend is re commencing..after the pull back to the KS...
Oh my goodness!! A thing of beauty!
The first thing I'm going to assume is that the daily tenken and 4-hour kijun are about the same value. Add to that the up move really lacks momentum, and so the 4-hour kijun should be strong enough to contain the drive north. If anything the level it recently leveled (No pun intended that time.) at should contain price action on this leg.
What we do see happening is the potential for the candle to drift deeper from that daily cloud, which would mean an eventual move back to the cloud is due. In the absence of all other information, watch for a reaction at the next level of dots on the daily. That could mark the area that will be as far as it can go from the cloud. The first strong indication there will be of a genuine uptrend will be the break of the top of the 4-hour cloud.
The first thing I'm going to assume is that the daily tenken and 4-hour kijun are about the same value. Add to that the up move really lacks momentum, and so the 4-hour kijun should be strong enough to contain the drive north. If anything the level it recently leveled (No pun intended that time.) at should contain price action on this leg.
What we do see happening is the potential for the candle to drift deeper from that daily cloud, which would mean an eventual move back to the cloud is due. In the absence of all other information, watch for a reaction at the next level of dots on the daily. That could mark the area that will be as far as it can go from the cloud. The first strong indication there will be of a genuine uptrend will be the break of the top of the 4-hour cloud.